Banks

Banks is positioned among the lower quartile of areas assessed nationally for population growth based on AreaSearch's assessment of recent, and medium term trends

The population of the Banks statistical area (Lv2) was estimated at around 5,013 as of November 2025, based on analysis of ABS population updates and new addresses validated by AreaSearch. This figure reflects a decrease of 87 people since the 2021 Census, which reported a population of 5,100. The estimated resident population of 5,008, as calculated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024, and an additional three validated new addresses since the Census date, indicates this decrease. This population level equates to a density ratio of 2,228 persons per square kilometer, which is above the average seen across national locations assessed by AreaSearch. While the Banks (SA2) experienced a 1.7% decline in population since the census, the SA3 area achieved 0.1% growth, highlighting divergent population trends within the broader area. Natural growth contributed approximately 82.0% of overall population gains during recent periods for the Banks (SA2).

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022. For areas not covered by this data and years post-2032, age group growth rates from the ACT Government's SA2 area projections, also based on 2022, are adopted. According to these projections, over the period considered, the Banks (SA2) population is expected to contract by 265 persons by 2041. However, specific age cohorts are anticipated to grow, with the 65 to 74 age group projected to increase by 72 people.

The level of residential development activity in Banks is very low in comparison to the average area assessed nationally by AreaSearch

AreaSearch analysis of ABS building approval numbers indicates Banks averaged around one new dwelling approval per year over the past five financial years, totalling an estimated six homes. In fiscal year 26 so far, one approval has been recorded. The population decline during this period suggests that new supply has likely kept up with demand, offering good choice to buyers.

The average construction cost value of new homes is $900,000, indicating a focus on the premium segment with upmarket properties. Compared to the Australian Capital Territory, Banks has significantly less development activity, 90.0% below the regional average per person. This scarcity typically strengthens demand and prices for existing properties, reflecting the area's maturity and possible planning constraints. Recent development has been entirely comprised of detached dwellings, maintaining the area's traditional suburban character with a focus on family homes appealing to those seeking space. New construction favours detached housing more than current patterns suggest, demonstrating ongoing robust demand for family homes.

Banks shows a mature, established area with around 5018 people per approval. With population expected to remain stable or decline, Banks should see reduced pressure on housing, potentially creating opportunities for buyers.

Banks has moderate levels of nearby infrastructure activity, ranking in the 44thth percentile nationally

No infrastructure projects have been identified by AreaSearch that could impact the area. Key projects include Southquay Greenway Stage 2 - Block 1 Section 80 Public Housing, Lanyon Marketplace Improvements, Monaro Highway Safety Upgrades, and Big Canberra Battery (Williamsdale BESS).

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AreaSearch analysis indicates Banks maintains employment conditions that align with national benchmarks

Banks has a skilled workforce with notable representation in essential services sectors. Its unemployment rate is 4.2%, reflecting stability over the past year according to AreaSearch's statistical area data aggregation.

As of September 2025, Banks has 3,016 residents employed, an unemployment rate of 4.2% which is 0.6% higher than the Australian Capital Territory's rate of 3.6%. Workforce participation in Banks is high at 77.2%, compared to the ACT's 69.6%. Key industries of employment among residents are public administration & safety, health care & social assistance, and construction. Construction stands out with employment levels at 1.5 times the regional average.

However, professional & technical services have limited presence, with only 6.4% employment compared to the region's 11.1%. The area appears to offer limited local employment opportunities based on Census working population versus resident population data. In Banks, over the 12 months to September 2025, employment increased by 0.2% while labour force grew by 0.8%, leading to a rise in unemployment rate by 0.5 percentage points. In contrast, the Australian Capital Territory experienced employment growth of 1.4% and labour force growth of 1.2%, with a decrease in unemployment rate by 0.2 percentage points. Providing broader context, state-level data up to 25-Nov shows ACT employment grew by 1.19% year-on-year, adding 710 jobs, with the state's unemployment rate at 4.5%. This is slightly higher than the national rate of 4.3%, but the ACT's employment growth outpaces the national average of 0.14%. National employment forecasts from Jobs and Skills Australia, published in May-25, project a 6.6% increase over five years and 13.7% over ten years. Applying these projections to Banks' employment mix suggests local employment should increase by 6.1% over five years and 12.6% over ten years. These projections are illustrative and do not account for localised population projections.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

AreaSearch's latest postcode level ATO data for financial year 2023 indicates that income in Banks is high nationally. The median income is $68,593 and the average income stands at $75,485. This contrasts with Australian Capital Territory's figures of a median income of $72,206 and an average income of $85,981. Based on Wage Price Index growth of 9.26% since financial year 2023, current estimates for Banks would be approximately $74,945 (median) and $82,475 (average) as of September 2025. Census 2021 income data shows that incomes in Banks rank highly nationally, between the 88th and 89th percentiles for household, family, and personal incomes. Income analysis reveals that 37.0% of individuals earn between $1,500 - 2,999, consistent with broader trends across the surrounding region showing 34.3% in the same category. Economic strength is evident through 37.0% of households achieving high weekly earnings exceeding $3,000, supporting elevated consumer spending. Housing accounts for 14.6% of income while strong earnings rank residents within the 88th percentile for disposable income. The area's SEIFA income ranking places it in the 6th decile.

Banks is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

Dwelling structure in Banks, as evaluated at the latest Census, comprised 79.1% houses and 21.0% other dwellings. In comparison, Australian Capital Territory had 79.6% houses and 20.4% other dwellings. Home ownership in Banks was 21.9%, with mortgaged dwellings at 60.0% and rented ones at 18.1%. The median monthly mortgage repayment in Banks was $2,000, similar to Australian Capital Territory's average. Median weekly rent in Banks was $424, compared to Australian Capital Territory's $425. Nationally, Banks' mortgage repayments were higher than the Australian average of $1,863, while rents were substantially above the national figure of $375.

Banks features high concentrations of family households, with a higher-than-average median household size

Family households constitute 78.8% of all households, including 41.0% couples with children, 23.4% couples without children, and 14.1% single parent families. Non-family households comprise the remaining 21.2%, with lone person households at 19.8% and group households making up 1.4%. The median household size is 2.8 people, larger than the Australian Capital Territory average of 2.6.

Banks demonstrates exceptional educational outcomes, ranking among the top 5% of areas nationally based on AreaSearch's comprehensive analysis of qualification and performance metrics

The area's university qualification rate is 22.9%, significantly lower than the SA4 region average of 46.8%. Bachelor degrees are the most common at 15.3%, followed by postgraduate qualifications (4.5%) and graduate diplomas (3.1%). Vocational credentials are held by 38.8% of residents aged 15+, with advanced diplomas at 12.3% and certificates at 26.5%. Educational participation is high, with 30.5% of residents currently enrolled in formal education, including 10.8% in primary, 8.8% in secondary, and 3.6% in tertiary education.

Educational participation is notably high, with 30.5% of residents currently enrolled in formal education. This includes 10.8% in primary education, 8.8% in secondary education, and 3.6% pursuing tertiary education.

Transport servicing is high compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Transport analysis shows 26 active transport stops operating within Banks. These stops serve a mix of bus routes, totalling 56 individual routes. They collectively provide 3,635 weekly passenger trips.

Transport accessibility is rated excellent, with residents typically located 152 meters from the nearest stop. Service frequency averages 519 trips per day across all routes, equating to approximately 139 weekly trips per individual stop.

Banks's residents are relatively healthy in comparison to broader Australia with the level of common health conditions among the general population somewhat typical, though higher than the nation's average among older cohorts

Banks's health metrics are close to national benchmarks, with levels of common health conditions among its general population being somewhat typical but higher than the national average for older cohorts.

Approximately 57% (~2,857 people) of Banks' total population has private health cover, which is very high compared to other areas. The most prevalent medical conditions in Banks are mental health issues and asthma, affecting 10.3% and 8.7% of residents respectively. Conversely, 68.7% of residents declare themselves completely clear of medical ailments, slightly higher than the Australian Capital Territory's average of 66.1%. As of October 2021, Banks has 10.7% (536 people) of its population aged 65 and over, which is lower than the Australian Capital Territory's average of 17.6%. While health outcomes among seniors require more attention than those in the broader population, specific data on this was not provided in the source text from October 2021.

In terms of cultural diversity, Banks records figures broadly comparable to the national average, as found in AreaSearch's assessment of a number of language and cultural background related metrics

Banks has a higher than average cultural diversity, with 18.6% of its population born overseas and 15.3% speaking a language other than English at home. The predominant religion in Banks is Christianity, comprising 45.9% of the population. Notably, Judaism is overrepresented in Banks, making up 0.2% compared to the Australian Capital Territory's 0.1%.

Regarding ancestry, the top three groups are Australian (28.0%), English (26.1%), and Other (9.6%). Some ethnic groups have notable differences: Spanish is overrepresented at 1.1%, Polish at 1.1%, and Hungarian at 0.4% compared to regional averages of 0.7%, 0.8%, and 0.3% respectively.

Banks's population is younger than the national pattern

The median age in Banks is 35 years, matching the Australian Capital Territory figure but lower than Australia's median age of 38 years. Compared to the Australian Capital Territory, Banks has a higher proportion of residents aged 45-54 (14.2%) but fewer residents aged 25-34 (14.4%). Between the 2021 Census and the present day, the population of Banks aged 65 to 74 has grown from 5.3% to 6.6%. Conversely, the proportion of residents aged 5 to 14 has decreased from 15.0% to 13.7%. By 2041, population forecasts indicate significant demographic changes in Banks. The 65 to 74 age group is projected to grow by 18%, adding 59 residents to reach a total of 390. This growth is driven entirely by demographic aging, as residents aged 65 and older represent all anticipated population growth. Meanwhile, the 55 to 64 and 0 to 4 age cohorts are expected to experience population declines.